BlackRock's BUIDL Surpasses Circle's USYC in Tokenized Treasury Fund Market

BlackRock's tokenized U.S. Treasury fund, BUIDL, has surpassed Circle's USYC in market value. According to Token Terminal data, BUIDL currently holds around $2.8 billion of the total $15.1 billion tokenized U.S. Treasury market, accounting for approximately 18.5%.

This move comes as a surprise, given that USYC was previously leading with its rapid growth in 2025, increasing from roughly $600 million to nearly $3 billion by late August 2026. However, BUIDL has now taken the second spot, narrowly surpassing USYC.

The tokenized real-world assets market is heating up, with Sky's uSDS ranking as the top U.S. Treasury fund at $4.4 billion, followed closely by Tether's XAUT at $2.8 billion. BUIDL and USYC are in a close competition for second place.

BlackRock has recently launched its tokenized money market funds, BSTBL on Ethereum and BRSRV on Solana, designed to serve as reserve assets for stablecoins. This move is significant, given that stablecoins represent roughly $305 billion of on-chain liquidity.